Adjusted earnings per share (EPS) rose 12% in the quarter, or 17% on a currency neutral basis. Adjusted EPS excludes a $0.01 per share restructuring charge related to certain offshoring and outsourcing activities reported in the third quarter of fiscal year 2010. Revenue growth and lower interest expense were partially offset by a higher effective tax rate, increased investment in technology, and higher accrued performance-based compensation.

Fiscal Year 2010
Revenue advanced 5% to $1.7 billion, or 4% on a currency neutral basis. Adjusted EPS for the full year increased 20%, or 6% on a currency neutral basis, excluding pre-tax asset impairment and restructuring charges of approximately $15 million, or $0.17 per share in fiscal year 2010.

• Segment Revenue Performance: HE +15%, P/T +6%, and STMS flat, excluding FX.
• Cash Flow: $215 million, +32% over fiscal year 2009. Fiscal year 2010 includes approximately $31 million of discretionary accelerated pension funding. Approximately $37 million of free cash flow was due to journal renewal processing delays in fiscal year 2009, which increased cash collections in fiscal year 2010
• Net Debt: $495 million, down from $720 million at the end of fiscal year 2009
• Dividend: In June 2009, Wiley increased its dividend for the sixteenth consecutive year.

Impairment and Restructuring Charges
Earlier in the year, the Company recorded a $14.3 million, $0.17 per share, impairment and restructuring charge principally related to the Company's B2B German-language, controlled circulation magazine business (GIT Verlag). Other restructuring charges included $0.8 million in the fourth quarter related to offshoring and outsourcing certain marketing and content management activities to Singapore. The charges related to offshoring are expected to be fully recovered within 18 months from implementation as a result of lower operating expenses.

Management Commentary
William J. Pesce, President and CEO, said: "Wiley's performance in fiscal year 2010 is a compelling story about the quality of our content and its value to our customers; effective execution of Wiley’s digital strategy and business models; and the strength of our Company's culture. In a challenging environment, we gained market share; increased earnings; generated strong free cash flow; and reduced net debt by $224 million."

He continued: "In STMS, calendar year 2010 journal renewals are nearly complete and showing growth over calendar year 2009. We added many new journal customers, a testament to our global reach, opportunities in emerging markets, and the quality of the Wiley offering. In P/T, nearly every publishing category showed solid growth, with particular strength in the Americas and EMEA. We continue to form mutually beneficial business relationships, including a publishing partnership with Bloomberg and an ebook agreement with Apple. In Higher Education, we outperformed the industry, reflecting the strength of our frontlist, increased penetration in community colleges and for-profit universities, and continued revenue growth from WileyPLUS and other digital content. Digital revenue and manufacturing efficiencies resulted in a meaningful gross margin improvement for the second consecutive year. Almost 30% of HE revenue in the U.S. is now generated from products other than traditional print textbooks."

Said Mr. Pesce: "While driving these results, we have begun implementing carefully developed plans for the next generation of Wiley leadership. Effective May 1, 2010, Steve Miron succeeded Eric Swanson as Senior Vice President, STMS. Steve joined us seventeen years ago and has served as Regional Manager for Taiwan and Korea, VP & Managing Director of Wiley Asia, leader of global STM book publishing, and VP & Managing Director of the global STMS Physical Sciences business."

"In April 2010, Wiley earned a place on several 'Best Places to Work' lists. We are proud of this recognition and grateful to our colleagues who have embraced Wiley's culture, which is built on a solid foundation of trust, ethics and integrity."

Outlook
"While we are mindful of the volatility in markets around the world, we believe the ongoing shift to knowledge-based economies, the robust demand for outcomes-based learning, and investments in research and development bode well for Wiley," said Mr. Pesce.

He concluded: "In fiscal year 2011, we expect mid single digit revenue growth, excluding the effect of foreign exchange. Growth in operating income and reduced interest expense will be partly offset by a higher effective tax rate (increasing from 28.4% in fiscal year 2010 to about 30% in fiscal year 2011) and an increase in shares outstanding. Excluding the effect of foreign exchange, we are projecting EPS growth in fiscal year 2011 of approximately 10% from fiscal year 2010 adjusted EPS of $2.58. For comparative purposes, the full year weighted average foreign exchange rates reflected in Wiley's income statement for fiscal year 2010 were approximately 1.60 Sterling and 1.40 Euro."

Foreign Exchange
The foregoing and following references to "currency neutral basis"; "excluding foreign exchange"; and "performance basis" exclude the effect of foreign exchange transactions and translations.

SCIENTIFIC, TECHNICAL, MEDICAL, AND SCHOLARLY (STMS)

• Fourth quarter revenue and full year revenue flat on a currency neutral basis;
• Fourth quarter contribution to profit +5% and full year contribution to profit flat on a currency neutral basis, excluding restructuring charge of $0.8 million;
• Calendar year 2010 journal revenue renewals approximately 95% complete as of April 30, 2010, up 3% to 4% over prior year;
• Wiley Online Library set for launch in July, replacing Wiley InterScience.

Global STMS revenue for the fourth quarter rose 2% to $278 million, but was flat on a currency neutral basis. Higher revenue from books, journal rights, and backfiles was offset by lower subscription revenue, mainly due to production scheduling (-$4 million) and individual member subscriptions. Growth in EMEA offset flat revenue in the U.S., Canada, and the Asia-Pacific region.

Adjusted direct contribution to profit for the fourth quarter increased 4% to $128 million, or 5% on a currency neutral basis. The adjusted number excludes the $0.8 million restructuring charge related to certain offshoring and outsourcing activities. The increase reflects favorable top-line results, the effect of outsourcing initiatives, and expense control.

Full year STMS revenue advanced 2% to $987 million, but was essentially flat on a currency neutral basis. Higher revenue from rights, individual articles, and the Cochrane Library offset lower revenue from advertising, journal subscriptions (mainly due to production scheduling), and individual member subscriptions. The improvement in rights income principally relates to a one-time settlement. Excluding a transfer to Higher Education of books with sales of $4 million, STMS book revenue increased 2% over prior year.

Adjusted direct contribution to profit for the full year rose 5%, but was flat on a currency neutral basis. The adjusted number excludes $15 million in restructuring and impairment charges, mostly due to the second quarter write-down related to GIT Verlag, a B2B German-language controlled circulation magazine business. The effect of outsourcing initiatives, the completion of Blackwell-related integration activities, and expense control offset increased costs associated with new business and a $2 million favorable bankruptcy settlement received in the prior year.

Calendar Year 2010 Journals Update
As of April 30, calendar year 2010 journal subscription billings were up 3 to 4% over prior year, with approximately 95% of business closed.

• Solid growth in EMEA, Asia-Pacific, and Latin America and modest growth in the U.S. and Canada.
• Licensed journal business now accounts for 71% of our subscription business vs. 60% at the same time last year.
• In the fourth quarter, new licenses were closed with library consortia in China, India, the U.S., Saudi Arabia, Belgium, the UK, and Japan. New licenses included journal subscriptions, backfiles, online books, and ArticleSelect sales.

Key New Contracts (Fourth Quarter)
• Journal of Midwifery and Women's Health on behalf of the American College of Nurse Midwives;
• Australian Journal of Psychology, Australian Psychologist, and Clinical Psychologist, the three flagship journals of Australian Psychological Society;
• Journal of Polymer Research on behalf of the Taiwanese Polymer Society;
• Legislative Studies Quarterly on behalf of the Comparative Legislative Research Center at the University of Iowa.

Wiley Online Library
Wiley Online Library is set to launch in late July, replacing Wiley InterScience. It will host one of the world's broadest and deepest multidisciplinary collection of online resources covering life and physical sciences, medicine, humanities, and social science.

• Access to over 4 million articles from 1,500 journals, 8,000 books, and hundreds of reference works, laboratory protocols, and databases;
• Featuring a clean and simple interface, this new online service will combine intuitive navigation, enhanced discoverability, expanded functionality, and a range of personalization options;
• Users will be able to discover, read, download, and cite current journal and book content, EarlyView articles, backfiles, related material, and supporting data.

Digital Update
• Online book revenue grew 44% in fiscal year 2010 to $6 million. There is a growing trend for institutional library customers to purchase digital books. Online books are sold individually or through subscriptions, similar to journal licenses.

• Wiley's Chinese language Web site launched in April. Designed to enhance customers' experience with tailored sections for librarians, authors, societies, and industry partners, wileychina.com will feature general information about Wiley's presence in China, as well as specific details about core content of particular interest to the Chinese community. In addition, this site will include hyper-links and cross references to wiley.com, Wiley InterScience (and ultimately Wiley Online Library), and the Press Room, where all local news and events will be highlighted.

• The Cochrane Library is now available to more than 650,000 students and faculty at 47 universities in Germany as part of a new agreement with Universitätsbibliothek Johann Christian Senckenberg in Frankfurt. The agreement allows access for a period of ten years to the Cochrane Library, a collection of regularly updated evidence-based healthcare databases, including the highly regarded Cochrane Systematic Reviews.

• In April, Wiley announced that it will extend licensed electronic content to emergency workers, students, faculty, and academic institutions affected by a local, national, or global natural disaster. Under the Natural Disaster Access Clause, Wiley will allow a licensee to provide affected groups with electronic access to its licensed products via the licensee’s secure network. Such an arrangement was put in place after Hurricane Katrina.

Alliance
• A co-publication agreement with Higher Education Press (HEP) in Beijing was signed in the fourth quarter. HEP is the second largest science and technology publisher in China.

PROFESSIONAL/TRADE (P/T)
• Fourth quarter revenue growth +15% and full year revenue growth +6% on a currency neutral basis;
• Fourth quarter contribution to profit +39% and full year contribution to profit +11% on a currency neutral basis;
• Fourth quarter growth across all content categories and regions;
• E-book revenue in fiscal year 2010 increased by 93% to $7 million;
• Wiley has become the exclusive book publishing partner for Bloomberg Press.

Global P/T revenue grew 18% to $113 million in the fourth quarter, or 15% on a currency neutral basis. Sales growth was strong in all regions, particularly the U.S.

Direct contribution to profit rose 47% to $24 million for the quarter, or 39% on a currency neutral basis. Results were driven by top line results and cost control, partially offset by higher performance-based incentive accruals.

For the full year, global P/T revenue of $430 million was up 7% over prior year, or 6% on a currency neutral basis. Growth was driven by consumer, business and technology sales and the Meredith and GMAC agreements. North America exhibited the most growth followed by EMEA.

Direct contribution to profit was up 12% to $100 million, or 11% on a currency neutral basis, mainly due to top line results and prudent expense management, partially offset by higher performance-based incentive accruals.

Categories (currency neutral
• Business advanced 20% in the quarter and 4% for the year, led by social media and quick-to-market books.
• Consumer grew 17% in the quarter and 15% for the year, led by cooking (Meredith, Food Network TV, Weight Watchers) and the GMAC agreement.
• Technology was up 11% in the quarter and 4% for the year. Growth was attributed to Sybex certification and visualization books, and the release of Windows 7.
• Psychology grew 23% in the quarter and 14% for the year.
• Architecture was flat in the quarter and down 6% for the year.
• Education grew 8% in the quarter and 6% for the year.

eBooks
• Full year sales up 93% to $7 million.
• Approximately 11,000 eBooks available on Kindle.
• Ebook agreement signed with Apple.

Alliances
• Wiley was named the exclusive global publisher of BLOOMBERG® and BLOOMBERG BUSINESSWEEK® branded books to be marketed as "BLOOMBERG PRESS®, a Wiley imprint." Wiley intends to publish the content in print, eBook, and digital formats.
• Wiley has been named an official licensee by The London Organizing Committee of the Olympic Games and Paralympics Games. We will publish 12 books in non-fiction categories including illustrated reference, photographic, and architecture and design books, including the official commemorative book.

New Books
• Business and Finance: Four successful books in social media and branding. In investing: The Little Book of Behavioral Investing by James Montier. In accounting, the Wiley CPA Exam Review 2010 Test Bank CDs, which allows users to create exams, answer multiple-choice questions, and run simulations. Also launched in the quarter were CPA Focus Notes, which are mobile applications for accounting professionals. In finance: Encyclopedia of Quantitative Finance (EQF) by Rama Cont, a fast selling major reference work; How an Economy Grows and Why It Crashes by bestselling author Peter Schiff; The Little Book of Bulletproof Investing by Ben Stein, which has become a Wall Street Journal and New York Times Business bestseller; Confidence Game by Christine Richard, a Bloomberg Press book and Wall Street Journal bestseller; Devil’s Casino by Vicky Ward, which is a Wall Street Journal, New York Times Business and New York Times nonfiction bestseller; No One Would Listen by Harry Markopolis, which hit several major bestseller lists.

• Psychology: Counseling the Culturally Diverse: Theory and Practice 5e by Derald Wing Sue and David Sue is a downloadable accompaniment to the new edition of the most widely used text and resource on multicultural counseling; TheraScribe Family Therapy Treatment Planner 2e by Frank Dattilio, Arthur Jongsma, and Sean Davis is a standalone CD and an add-on module to the TheraScribe application, providing behavioral health professionals with data to create customized treatment plans.

• Consumer: Awesome Recipes & Kitchen Shortcuts by Sam Zien, which appeared on Bookscan’s list of top 50 best-selling cookbooks; Food Styling and Edible, both by Delores Custer; The Unofficial Guide to Walt Disney World: The Color Companion by Bob Sehlinger and Len Testa; Baseball Prospectus 2010; Lego: A Love Story by Jon Bender; Crocheting For Dummies 2e by Karen Manthey, Susan Brittain and Julie Holetz; British Politics For Dummies by Julian Knight.

• Education: Teach Like A Champion by Doug Lemov, which moved into the #1 position on the Bookscan education bestseller list.

• Architecture: Architectural Graphic Standards for Residential Construction and CD-ROM. Architects will use the new CD to create their drawings by searching for technical information and architectural details, importing and manipulating them according to the needs of the site or project.

HIGHER EDUCATION (HE)
• Fourth quarter revenue +21% and full year revenue +15% on currency neutral basis;
• Fourth quarter contribution to profit +18% and full year contribution to profit +25% on a currency neutral basis;
• Sales driven by strong frontlist, digital sales and increased enrollment;
• WileyPLUS grew 42% over prior year to $31 million, accounting for over 11% of global HE sales;
• Sales of eBooks, digital content, WileyPLUS, CustomSelect, and binder editions generated $61 million in fiscal year 2010, or 22% of global HE sales;
• Gross margin of 66% for fiscal year 2010 improved for the second consecutive year, and is up from 63% in fiscal year 2008. Improvement attributed to inventory management and digital revenue.

Fourth quarter HE revenue grew 27% to $45 million, or 21% on a currency neutral basis. Strong growth occurred in every region and nearly every subject category. Contributing to the results were a strong frontlist, continued growth in WileyPLUS, the Australia school business, and a strong quarter for the Microsoft Official Academic Course (MOAC) program.

For the full year, global HE revenue was up 18% compared to prior year, or 15% on a currency neutral basis. Double-digit growth was experienced in all regions and in nearly every category. Full year results include revenue of $3 million from books previously reported in STMS and $1 million from books previously reported in P/T. Excluding these books, HE growth was 13% on a performance basis. Direct contribution to profit in the full year increased 29%, or 25% on a currency neutral basis, primarily due to top-line growth and gross margin improvement.

Global Sales (currency neutral)
• Americas grew 26% in the quarter to $36 million. Growth for the full year was 16% to $239 million.
• EMEA revenue rose 29% in the quarter to $5 million. Growth for the full year was 17% to $24 million.
• Asia-Pacific revenue advanced 5% this quarter to $11 million. For the full year, Asia-Pacific revenue grew 13% to $61 million.

WileyPLUS
• Global revenue for the full year grew 42% to 11% of global HE sales.
• Digital-only sales grew 55% to $10 million, accounting for 36% of WileyPLUS sales. Digital-only is defined as WileyPLUS standalone (not packaged with a print textbook).

Alliances
• Wiley is partnering with Reaction Explorer to bring new capabilities to the online organic chemistry market. Reaction Explorer uses expert system technology to predict the results of arbitrary organic chemistry reactions. By accessing Reaction Explorer through WileyPLUS, students will be able to achieve a higher level of understanding of the intricacies of organic chemistry reactions, syntheses and mechanisms.

Conference Call
Wiley (wiley.com) will hold a conference call today, June 17, 2010 at 2:30 pm. (EDT) to discuss its financial results for the fourth quarter of fiscal year 2010.

To participate in the conference call, please dial the following number approximately ten minutes prior to the 2:30 pm start time: (866) 439-4712 and enter the participant code 241456#. International callers, please dial the following number approximately ten minutes prior to the 2:30 pm start time: (212) 457-9845 and enter the participant code 241456#.

A replay of the conference call will be available through June 24, 2010 and may be accessed by calling (866) 439-4729 and entering pin code 389668#.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This release contains certain forward-looking statements concerning the Company's operations, performance, and financial condition. Reliance should not be placed on forward-looking statements, as actual results may differ materially from those in any forward-looking statements. Any such forward-looking statements are based upon a number of assumptions and estimates that are inherently subject to uncertainties and contingencies, many of which are beyond the control of the Company, and are subject to change based on many important factors. Such factors include, but are not limited to (i) the level of investment in new technologies and products; (ii) subscriber renewal rates for the Company's journals; (iii) the financial stability and liquidity of journal subscription agents; (iv) the consolidation of book wholesalers and retail accounts; (v) the market position and financial stability of key online retailers; (vi) the seasonal nature of the Company's educational business and the impact of the used book market; (vii) worldwide economic and political conditions; (viii) the Company's ability to protect its copyrights and other intellectual property worldwide; (ix) the ability of the Company to successfully integrate acquired operations and realize expected opportunities; and (x) other factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.

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